Sales Success in Financial Services:<br>How Can You Win Back Lost Trust and Confidence?
By Suzanne Bates
If you work in a client-facing role in financial services, I don't have to tell you this is the worst of times. This isn't just about the paper losses that have decimated personal wealth in this country and sent quivers through the investor community. I'm talking about a devastating blow to trust and confidence. While the market has ticked up recently, it's a feeling that we just can't shake. Like the clouds and winds that blow long after the hurricane's impact-- the aftermath of this financial disaster is a dark mood - a loss of faith.
You may feel it's not about you, and it isn't, it's about institutions. But you represent that institution, and no matter how strong your client relationships are - this is big. And let's face it, the industry has done nothing to shore up confidence, and in fact seems bent on destroying it.
Why haven't the "good guys" in the banking world banded together to expel the bullies on the playground and made them pay for their sins? No leaders in the industry have spoken up as AIG paid $220 million in retention bonuses including $165 million to the people who messed up in the first place. This only solidifies negative sentiment and a belief that the industry simply cannot and will not police itself. While TARP money probably allowed us to avoid an economic depression, we know how close we came to global financial collapse, and we are worried.
There has always been, even in the best of times, a feeling that the game is rigged. However, today, you don't just hear a few cranky people complaining about it. Reasonable people are absolutely perplexed about how to invest. The only reason they haven't thrown in the towel is because they're too far down --to get out.
Don't count on the sheriffs to turn things around--even when the bad guys get caught, nobody feels better. I didn't note any joy when Federal authorities arrested Bernie Madoff's longtime accountant, David Friehling, the guy who rubber stamped Madoff's books for 17 years, allowing Madoff to cheat thousands of investors out of billions. Somehow, it should help, but when we see these guys get what they deserve it still does nothing to lift the national mood. Not one iota.
So back to you; what can you do about all this, as an individual with a book of business and some formerly great prospects who walk to the other side of the street to avoid you. Is there a way, with so many strikes against the industry, for you personally to regain the confidence of clients and prospects?
Make no mistake, its going to be up to you. Every institution, government or private, and all individuals associated with them are affected by this. If you've enjoyed good relationships with your clients prior to the market collapse, you're somewhat insulated, but you probably still sense not just despair - but also a disconnection. They may answer your call (if you're calling them) but their voices trail away while you talk. Maybe a lesson can be learned from relationships - as the book and subsequent movie put it - "They just aren't that into you."
A few questions you may be asking yourself:
- How will you hold onto the business you have?
- Can you actually gain market share in the current market shakeout?
- How can you fairly and accurately answer the tough questions from clients and prospects?
- What can you possibly do to earn back trust-even if it's not just about you? (It's the system)
Here are some thoughts on how to sit down and speak with your clients right now in a way that begins to rebuild this shattered relationship they have with your firm, and the market as a whole.
- Get a message. If clients and prospects sense you're just throwing your hands up in the air and you don't have a recovery plan for them, why would they want to meet with you? You need a real message, for each client, about the best course of action right now. You need to be well prepared to deliver that message.
- Get a meeting. Some prospects of course, are looking at this as a time of opportunity, so it isn't as difficult to get a meeting with them. However, you should not ignore those who are ignoring you. Do this at your peril. While you're not calling them, they're probably calling someone else. So don't be lulled into thinking silence is golden.
- Get answers. You need real answers to tough questions. We often suggest that our investment services clients write down these questions, get answers, and then go through a "pepper session" with videotape to practice what they want to say. You don't want to be stammering through the answers - you want people to know you have thought about them and their situation and you have some reasonable options they can consider.
- Get real. You don't have all the answers. You don't know exactly what is going to happen. You don't even know if the right thing is to take a long term view- people don't really even believe in buy and hold anymore because of the precipitous drop. Even as the market begins to climb they're going to doubt it, or at least, have low expectations. By getting real, I mean you are going to need to explain things very well, which may mean you need to understand them better yourself.
- Get going. It's natural to feel down and out right now; difficult to motivate yourself or stay upbeat when there has been so much negative news. It's always refreshing to reach out and talk to people -even if you just want to offer them some help for their business. My investment advisor calls me regularly just to tell me that he's mentioned my business to a CEO or executive he knows - and to suggest people I might get in touch with. His calls are always welcome because they're not just about my portfolio - they're about me.
If your organization has considered bringing in training for your sales, product and client service team, be sure that you look for a firm that offers more than a presentation skills course. You don't need "boiler plate" presentation skills training. You need advisors and coaches who understand your business and can prepare you for real meetings, where there will be tough questions, and you'll have to communicate in a way that rebuilds trust.
There will be winners and losers. That's why it's important to take active steps now. While your needs may be slightly different than the next firms, it's time to take stock and assess what those are. How can you prepare for the inevitable turnaround so that you end up on top? How will you regain their confidence? These are essential questions to ask-right now.